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151076 1 (1994-03-15)

handle is hein.gao/gaobacwmo0001 and id is 1 raw text is: United States GAO General Accounting Office Washington, D.C. 20548 General Government Division March 15, 1994 The Honorable Charles B. Rangel House of Representatives Dear Mr. Rangel: As you requested, this correspondence provides information on U.S. economic relations with the Republic of Cuba. As agreed with your representative, we are answering those questions you asked us in your December 2, 1993, letter that will supply you with information that we hope will be of greatest assistance to you at your joint March 17 hearing on Cuba. Specifically, we obtained information from the Treasury and Justice Departments on the amount and composition of (1) claims filed by U.S. nationals against Cuba with the U.S. Foreign Claims Settlement Commission (FCSC), (2) blocked assets of Cuba in the United States, and (3) trade between Cuba and foreign subsidiaries of U.S. companies. We also provide information on (1) the potential of Cuba as a market for U.S. exports and (2) the effect that lifting the U.S. embargo of Cuba might have on the U.S. government's Caribbean Basin Initiative (CBI) program. SCOPE AND METHODOLOGY We obtained a list of U.S. nationals' claims against Cuba from FCSC, a unit of the Justice Department. We obtained information on the value and distribution of blocked Cuban assets and on licensed trade with Cuba by foreign subsidiaries of U.S. corporations from the Treasury Department. We did not verify the data's accuracy; however, we discussed the data's limitations with appropriate FCSC and Treasury officials. This letter discusses some of these limitations. In order to provide information on Cuba's potential to be a U.S. trading partner, we obtained and reviewed a study on 1 FCSC is a quasijudicial federal agency located within the U.S. Justice Department. The FCSC's function is to determine the validity and amount of claims of U.S. nationals for loss of property in foreign countries. FCSC has no authority to make payments.

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